Income

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ASHWINKUMAR MAHAJAN (Querist)
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15 June 2013 Any property transferred to a major son by father for inadequate consideration, will there be any clubbing of income, will the answer change if transferred to wife

CA Alexandar Gazi

CA Alexandar Gazi (Expert)
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15 June 2013 Mr. Mahajan,

Clubbing provision will not be applicable in case property is transferred to a major son. i.e. income arising out of such property will be assessed in the hands of son.

If it were transferred to wife, clubbing provision would have been attracted U/S 64 (1) (iv) provided such transfer is not in connection with an agreement to live apart.

Thanks,
Alexandar Gazi